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Market Report

Monday, 30-Oct-2017

NSE

  • Public sector banks continued to get a boost from the big bailout package announced last week, which lifted Sensex and Nifty50 to fresh peaks today. Nifty closed at 10,363.65, up 40.60 pointa or +0.39 per cent, with 30 out of 50 components ending in the green. While the Sensex gained 108.94 points or +0.33 per cent to end the session at 33,266.16 today. The Nifty50 rallied as much as 61 points to hit its fresh intraday high of 10,384.50 while the Sensex rose 184 points to log its record high of 33,340.17 in intraday trade.

  • Starting from where it had left last week, the domestic equity market once again scaled fresh record closing highs today amid renewed optimism among investors on the back of government's Rs 2.11 lakh crore recapitalisation plan for banks and on better-than-expected quarterly earnings by select companies, while energy firms gained on higher crude prices.

  • The Nifty50 opened in the positive and made a new lifetime high today. It has been making higher highs and higher lows for last five sessions and the market breadth has remained positive. However, the index formed a small-bodied candle on the daily chart, resembling to Doji formation, which indicates indecisiveness among participants. If the Nifty50 manages to surpass the 10,385 level on Tuesday, it is likely to extend the upward momentum towards 10,400 and 10,430 levels. On the downside, support exists at 10,300 and then 10,250 levels.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Google/Yahoo!/iCharts/The Economic Times)